Chemical Co. Ltd. produced three chemicals during the month of July, 2018 by three consecutive processes. In each process 2% of the total weight put in is lost and 10% is scrap which from processes (1) and (2) realises $ 100 a ton and from process (3) $ 20 a ton. The products of three processes are dealt with as follows : Process 1 Process 2 Process 3 Passed on to the next process 75% 50% Sent to warehouse for sale 25% 50% 100% Expenses incurred: Process 1 Process 2 Process 3 $ Tons $ Tons Tons Raw materials 1,20,000 1,000 28,000 140 1,07,840 1,348 20,500 Manufacturing wages General expenses 18,520 15,000 10,300 7,240 3,100 Prepare Process Cost Accounts showing the cost per ton of each product.

Chemical Co. Ltd. produced three chemicals during the month of July, 2018 by three consecutive processes. In each process 2% of the total weight put in is lost and 10% is scrap which from processes (1) and (2) realises $ 100 a ton and from process (3) $ 20 a ton. The products of three processes are dealt with as follows : Process 1 Process 2 Process 3 Passed on to the next process 75% 50% Sent to warehouse for sale 25% 50% 100% Expenses incurred: Process 1 Process 2 Process 3 $ Tons $ Tons Tons Raw materials 1,20,000 1,000 28,000 140 1,07,840 1,348 20,500 Manufacturing wages General expenses 18,520 15,000 10,300 7,240 3,100 Prepare Process Cost Accounts showing the cost per ton of each product.

Name: Chemical Co. Ltd. produced three chemicals during themonth of July, 2
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Description: Chemical Co. Ltd. produced three chemicals during themonth of July, 2018 by three consecutive processes. In each process 2% of the total weight put in islost and 10% is scrap which from processes (1) and (2) realises $ 100 a ton and from process (3)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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